Balance Transfer Credit Cards – The Way To Go

A balance transfer is without doubt a handy facility that is on offer from most credit card issuers at the moment, if you don’t wish to pay the interest costs on the debt that you may have built up on your current credit card.

With the majority of credit cad issuers dealing a 0% interest free period for balance transfers and hopefully if you decide to give it a try, if you haven’t already done so, will be worthwhile and saves you a substantial amount of cash in interest fees, that hopefully you will pay back into your balance to reduce it quicker and hopefully leading to you being a position of having a clear credit card balance.

Bit if you did not already know there is another balance transfer facility out there, which can make you some cash as well as just saving some on interest charges and it is called a quite an original name and you will be surprised by it, here goes a SUPER balance transfer, I know big build up for nothing, but what the moniker given to this new improved balance transfer lacks in originality, in more than makes up for it when it’s put into practice.

The word super must mean that it is better than the original, well it is but it will require a regimental style precision, to make sure that it works for you and not against you.

So what do you have to do? Well here goes, you will no doubt know about the workings of a normal balance transfer, where you change your balance to a credit card that will offer you a period of between 6 and 12 months at 0% that will save you money in this period on interest charges, that’s it quite simple.

But the super balance transfer is a little more complicated as I have already mentioned, firstly you will have the ability with the super balance transfer facility to pay off any debt that you may have and not just a credit card one, this will be done by being able to put the limit from one credit card into a bank account, leaving you the chance to pay off any debt that you own, that you wish.

But the way that you will most want to go is the making money part; this can be done even if you don’t have any debt, put this cash into a high savings account fro the duration of the 0% period be it 6 or 12 months and when the 0% period is about up, you withdraw the cash that you owe to the credit card lender and pay them back, before you incur all the interest. But always remember when you do this make sure that you still pay the minimum monthly repayments.

Credit card companies who are currently offering this service are the Abbey, Alliance & Leicester, Egg, MBNA, Mint and Virgin, though they may incur a charge to use the service of 2% to a max of between £30-£50, though the credit card to try for first would be the Egg card where no fee is added.

So by just making sure that you are up to date with your dates and minimum monthly payments, being debt free and the chance to make some cash from the credit card companies that have been fleecing they’re customers for years, couldn’t be a more simple and worthwhile practice.